Repossession Administrator

The Repossession Administrator is responsible for overseeing the entire collateral repossession process for the Credit Union, from assigning and canceling vehicle repossessions to managing the disposition and sale of the collateral. This role also includes handling, recovering impounded collateral, initiating skip claims and insurance claims for units with Collateral Protection Insurance and pursuing legal action against borrowers when collateral is not recovered. 

1)      Approves and assigns vehicles for repossession. Ensures proper policies, procedures, risk mitigation activities, and operating controls are followed. Reports gaps in policies, procedures, and operating controls to leadership to ensure member impact and risk is mitigated. (10%)

2)      Negotiates repayment plans for severely delinquent member accounts where the vehicle is assigned for repossession. This role also negotiates the redemption of repossessed vehicles. Timely and accurately cancels repossession assignments with recovery agents once a satisfactory payment or payment arrangement is made, allowing for the cancellation of the assignment or the redemption of the vehicle. (10%)

3)      Manages the borrower and total loss claim process to maximize recovery and minimize losses, while prioritizing the member’s needs. Works closely with vendors to ensure a smooth, efficient claims process with prompt responses to avoid delays. Keeps the member informed throughout the process as needed and addresses any concerns as they arise. (10%)

4)      Timely reassigns repossession orders to alternative agents once initial attempts to secure collateral have been unsuccessful. In addition, requests legal action including demand letters and breach of contract when collateral has not been recovered. (10%)

5)      Responsible for evaluating condition reports from the repossession agencies and auction houses to determine the general condition of the collateral, determine what repairs are reasonable and establish a fair market value for the sales price of the collateral seeking to maximize the recovery for the Credit Union.  (10%)

6)      Ensures impound notices are reviewed and responded to within department timeframes, taking swift action to minimize potential losses. (10%)

7)      Handles ACD line inquiries to address member and partner questions regarding repossessed units, including providing quotes for cancellation and redemption amounts, as well as answering general repossession-related questions. (10%)

8)      Proficient with the Collateral Protection Insurance (CPI) skip, damage and total loss claim processes and when to submit a claim to reduce potential losses on vehicles not located by a repossession agency. (5%)

9)      Ensures the credit union’s lien is properly perfected and obtains repossession titles through local BMV offices or auction houses before the collateral is sold. (5%)

10)   Monitors the timely transportation of units stored at local agent offices to the appropriate auction houses to minimize storage fees for the credit union. (5%)

11)   Reviews fee requests from repossession agents for units in the repossession process to ensure fees are minimized and the credit union is not overcharged. (5%)

12)   Liaison between the credit union and vendors including recovery agencies, insurance center, indirect dealerships, auction houses, and attorneys.  (5%)

13)   Responsible for preparing and managing repossession reports including but not limited to the repossession sale report, repossession on-hand report, vendor performance reports, including vendor tracking updates for Collateral Protection Insurance.  (5%)

1)      A high school diploma or equivalent or ten (10) years equivalent work experience with at least 2 years of experience in collections or equivalent combination of education and experience required.

2)      Experience in an office environment, preferably utilizing clerical skills, required.

3)      Experience in a financial institution especially in a lending or collection department preferred.

4)      Customer service experience required.

5)      Ability work professionally with disgruntled borrowers and effectively protect the credit union’s assets while maintaining an extraordinary level of member service.

6)      Ability to be resourceful to include finding agencies to skip-trace missing members and collateral